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Postal Service to Offer Basic Financial Services: Loans, Accounts, Payments.

This act allows the United States Postal Service to offer basic financial services, including low-cost small-dollar loans up to $500, small checking and savings accounts up to $20,000, and transactional and remittance services. The goal is to provide banking access to unbanked individuals or those using more expensive alternatives like payday loans.
Key points
USPS can offer small loans up to $500 with low interest rates.
Small checking and interest-bearing savings accounts will be available, capped at $20,000.
The Postal Service will provide services like debit cards, ATMs, online banking, and money transfers.
Services will be offered directly by USPS, without private bank partnerships.
Aims to reduce the number of unbanked individuals and reliance on high-cost financial products.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_3891
Sponsor: Sen. Gillibrand, Kirsten E. [D-NY]
Process start date: 2022-03-22
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Postal Banking Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3891.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-03-22.

What are the main provisions?

Key points include:

  • USPS can offer small loans up to $500 with low interest rates.
  • Small checking and interest-bearing savings accounts will be available, capped at $20,000.
  • The Postal Service will provide services like debit cards, ATMs, online banking, and money transfers.
  • Services will be offered directly by USPS, without private bank partnerships.
  • Aims to reduce the number of unbanked individuals and reliance on high-cost financial products.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Gillibrand, Kirsten E. [D-NY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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